Felix, it really was a case of even without the stellar slate they have coming up in the fourth quarter. They managed to really build on that. 5 million subscribers for the third. Yeah, I think it was better than everyone expected. I think it's particularly impressive because you have to remember this is the year following the dual strikes in Hollywood. So there's this huge production slowdown. At the time, everyone was speculating like, well, there's not enough new things to watch. Why would people keep subscribing to these streaming services, including Netflix? There's going to be a lot of churn, a lot of cancellations. And yet, in spite of that, a year later, you know, Netflix adds another 5 million subscribers. This quarter is up to 282 plus million across the globe. So, yeah, it's a very strong order for Netflix. And like Sarandos said, they have an even better slate, I think you could

argue, coming up next quarter and next year. So he talks about this interesting metric, which is I think he called it engagement. Right? Felix And Mr. Director, let's bring Felix his shot back up because I don't think he's had much time to watch Netflix. He's been too busy reading the piles of books either side of his shoulder. But there was a time where Netflix said, Stop judging us on subscriber growth. Just look at our financial metrics. Now they say, don't judge us on financial metrics. We really want to talk about this engagement number. What does it mean and where is it going? I think when you look at the engagement number, part of that is where is their future growth going to come from? And a lot of that is advertising, right? They said yesterday, you know, we're not where we're at, where we're want to be at in terms of advertising revenue, but we're investing in technology and we're

investing in better inventory. And what that means is investing in better live programming. And they just have a ton of stuff coming down the pipeline. Wrestling, 3 hours of live wrestling a week. They're going to have NFL games. They're doing more comedy live specials. Last week at our conference in L.A., they announced they're going to do this live variety show. And I think that's going to be very appealing to advertisers once they get a certain crucial number of viewers there. And I think that's where the engagement comes from. And I think that's what they're really excited about now. But I think you can't separate that from their ambitions in advertising.

Netflix Beats Every Wall St. Metric

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